Crypto Asset Manager Engages with SEC for Spot Bitcoin ETF Approval

Leading asset manager Grayscale, known for providing crypto investment services to its clients, has engaged in discussions with the U.S. Securities and Exchange Commission (SEC) for the ongoing application process of a spot Bitcoin (BTC) investment fund (ETF). According to official documents dated November 20, 2023, the meeting involved the company's CEO, Michael Sonnenshein, legal counsel Craig Salm, and other top-level executives.

Bloomberg analyst James Seyffart, who compiled the meeting data between Grayscale and the SEC, identified a service agreement between the company and BNY Mellon. Emphasizing the routine nature of the agreement, Seyffart highlighted that this arrangement does not carry significant weight in the approval of the Bitcoin ETF, according to the gathered data.

Since it feels like everyone is asking. Events of the last few days haven’t changed my & @EricBalchunas’ odds. We can’t go any higher than 90% by Jan 10th. That said, things are continuing to move forward in our view.

— James Seyffart (@JSeyff) November 21, 2023

Experts Point to January 2024 for Approval

The inclusion of BlackRock, managing trillions of dollars, in the ongoing process of the spot Bitcoin ETF with the SEC has altered expectations within the crypto sector. Analysts from Bloomberg Intelligence, sharing their insights on the current situation, anticipate that the U.S. government agency will grant approvals to the applications in January.

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